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Co-Founder & CEO Or Offer identified the GenAI intelligence products as the fastest-growing in the portfolio, with strong demand and a robust pipeline. Regarding stock volatility, Offer stated the key lesson was the need for better communication, while CFO Jason Schwartz added that the quarter's detailed shareholder letter was a step toward providing more insight.

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Executive Selim Freiha confirmed that Opendoor remains focused on optimizing its cost structure for durable savings beyond the 33% year-over-year fixed cost reduction achieved in Q1. He stated that the business has been rightsized for a slower market and that while future reductions may not be of the same magnitude, they continue to see efficiency opportunities in infrastructure, go-to-market strategies, and the overall fixed cost base.

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CEO Carrie Wheeler positioned Opendoor as a consumer-first company that supports innovation and choice, citing their Marketplace product as an example of an exclusive listing option that serves customers who want to avoid the full MLS. CFO Selim Freiha stated that while the company discusses the trade-off internally, it is comfortable with its current geographic footprint and has no plans to retrench from markets, as long as they meet contribution margin targets.

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CFO David Rudow identified the new ERP system implementation as the most challenging aspect, given the company's scale, but noted it is already yielding benefits like multi-currency billing and better visibility. On the easier side, he cited the strength of Jamf's product and its blue-chip customer base as a pleasant surprise, highlighting the significant untapped opportunity for international growth.

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CEO John Strosahl confirmed the device lifecycle is generally consistent, typically around four to five years, but noted it has elongated slightly due to recent budget constraints. He highlighted that the large cohort of devices purchased in 2020 for remote work is approaching a refresh cycle, which he views as a significant opportunity for Jamf, especially with the prevalence of employee choice programs that favor Apple devices.

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CEO Jamie Iannone reiterated the company's disciplined 'build, buy, partner' framework. He explained this strategy is applied across all focus categories, providing examples like the partnership with PSA for collectibles and the acquisition of Sertologo for digital authentication in fashion. He emphasized that they continue to look for opportunities to accelerate capabilities through this balanced approach.

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CEO Jamie Iannone reiterated that eBay's strategy is to win with 'non-new, in-season' inventory, where it can be the best place to buy and sell. He pointed out that focus categories are growing at e-commerce rates, and the company likely gained share in them in 2024. He emphasized that by improving the core experience and leaning into its differentiated inventory, especially in a macro environment where discretionary spending is key, eBay can build on its momentum and carve out its unique position.

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Co-CEO David Gilboa detailed a broad marketing strategy across a variety of channels, including linear TV, direct mail, and digital advertising. He emphasized the focus on building awareness for the company's full capabilities, such as eye exams and contact lenses, and using localized campaigns to drive traffic to both online and retail channels. Co-CEO Neil Blumenthal expressed confidence in their ability to roll out the Target shops quickly in partnership with the Target team but did not provide a direct timeline comparison to standalone stores.

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Co-Founder and Co-CEO Neil Blumenthal confirmed the plan to open at least 40 stores annually, citing consistently strong store performance that meets or exceeds targets. To raise insurance awareness, he mentioned that the company trains its retail teams and partners with insurance carriers on marketing initiatives, including hosting events for brokers in stores and being featured in partner marketing materials.

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Jason Trevisan, CEO, explained that the marketing strategy is intentionally shifting towards brand-building channels like TV and online video to drive more memorable and direct traffic. Regarding AI, he described it as a 'huge opportunity,' highlighting a pilot for a virtual assistant that engages upper-funnel shoppers to help them find the right vehicle, thereby capturing users earlier and providing richer, more qualified leads to dealers.

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CFO Elisa Palazzo stated that growth is driven by durable factors like higher dealer engagement, adoption of value-added products, and stronger retention leading to longer contracts. CEO Jason Trevisan elaborated on the product pipeline, which includes both upsells through feature-rich tiers and cross-sells into new areas of the dealer workflow like vehicle sourcing and pricing.

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CEO George Chamoun confirmed that ACV's fees are still slightly lower than competitors, providing some room for price increases this year, though he remained guarded on specifics. CFO Bill Zerella noted that marketplace ARPU grew 9% last year from price increases and a lower increase is modeled for this year. Regarding dealer stickiness, Chamoun pointed to ACV's significant and growing market share in its oldest markets as evidence of strong retention and wallet share growth with early customers.

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CEO George Chamoun stated that while ACV has successfully increased its pricing to be more competitive, the company advises analysts to continue modeling around the $500 ARPU target for the midterm. He projected that the dealer wholesale market would likely remain flattish next year due to persistent used vehicle shortages, with a true market tailwind not expected until potentially 2026.

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Angi CEO Jeff Kip explained that he expects monetized transactions to grow again in 2026, following a period of optimizing the pro network by focusing on retention over low-profitability acquisition. IAC CEO Joey Levin addressed M&A, stating that having a strategic 'edge' is critical in any valuation environment. He cited the Meredith acquisition, where IAC's operational ability to modernize the digital business was key to its success despite macro headwinds.

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CEO George Arison stated that while the team has an aggressive stretch plan, the focus remains on building user engagement before monetization, citing the 'Interest' tab as a successful off-roadmap launch. He noted 'Right Now' is seeing strong reengagement from its target user segment. CFO Vanna Krantz and CEO George Arison added that indirect revenue growth is driven by new ad partners, enhanced ad formats like native and rewarded video, and simple but effective optimizations like reordering ad placements.

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CEO Jeremy Wacksman noted that while it's still early, Showcase is at nearly 1.5% of new listings, and the variable pricing model has landed well with agents. The main challenge is operationalizing the new media workflow for agent teams. He reiterated confidence in the medium-term target of 5-10% of active listings, representing a $150-$300 million annual business, and expressed excitement about the potential to drive adoption far beyond that initial goal.

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CEO Jeremy Wacksman attributed the Rentals success to its two-sided marketplace, which features the most comprehensive inventory, driving the largest renter audience. This dynamic fuels property count growth (now at 44,000 multifamily properties) and revenue. Regarding traffic, he emphasized that Zillow's high-value audience comes directly to the brand, with app usage 3x higher than competitors, indicating deep engagement from serious buyers which is crucial for driving transactions.

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CFO James Miln stated that 2025 growth will be driven by the same key initiatives as 2024: expanding the buyer/supplier network, growing the marketplace menu, and progress in enterprise and international markets, which will help grow both buyers and revenue per buyer. CEO Randy Altschuler added that investments in these areas, including modernizing the Thomas platform, are expected to pay increasing dividends. Regarding supplier services, Miln noted they are working to stabilize the segment and aim for quarter-over-quarter growth as 2025 progresses.

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CEO Ernie Garcia embraced the 'coiled spring' analogy, stating that the company is more efficient than ever, making growth easier. He highlighted the performance spread versus competitors, visibility into further financial gains, and latent capacity to support up to 3 million units annually, positioning Carvana to capitalize on the market opportunity.

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CEO Josh Silverman explained Etsy's squad-based approach to product development, noting the focus on foundational experiences like the 'Q score' for search. He mentioned cautious incremental hiring for app engineers and machine learning. CFO Rachel Glaser added that the company optimizes costs through global development centers.

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IAC Executive Christopher Halpin expressed confidence in DDM's ability to continue outperforming the market on programmatic rates, driven by its superior technology and high-intent inventory. He noted that the D/Cipher product is already used in over half of DDM's premium deals and that the company has over 27 case studies demonstrating its superior performance compared to traditional cookies.

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